Which of the Following Is True of the Share Price

Which of the following is true of the share price reactions to takeover bids?

A) The combined market values of the shares of the target and bidder go up around the time of the announced bids.
B) The share prices of target firms almost always react unfavourably to merger and tender offer bids.
C) The bidder's share price reacts more unfavourably,on average,when the bidder makes a cash offer rather than an offer to exchange equity.
D) Since there is a net gain to bondholders around the time of the merger announcement the share prices will go down.